The Barbados Revenue Authority has announced the introduction of Country-by-Country (CbC) reporting requirements as provided for by the Income Tax (Country-by-Country Reporting) Act 2021, which was published in the Official Gazette on 24 December 2021. The CbC reporting requirements apply from 1 January 2021 for MNE groups meeting an annual consolidated revenue threshold of USD 850 million in the preceding fiscal year. The requirement to submit a CbC report primarily applies for ultimate parent entities of MNE groups tax resident in Barbados, although non-parent constituent entities in Barbados are subject to secondary local filing requirements where: the ultimate parent entity...